When discussing inheritances or sudden health issues, it’s increasingly common to hear about the problems that arise when there is no prior planning. Whether you are an older adult or younger, having a will and durable power of attorney can be crucial to avoiding disputes, complicated procedures, and additional costs for your loved ones. A recent study by the General Council of Notaries in Spain reveals a wills and durable powers of attorney are the most signed documents by those over 65 years old in 2024. In this week’s article, we explain why both tools are so useful and advisable.
The Will: Security and Clarity in the Distribution of Your Assets.
A will is the document in which individuals leave clear instructions on how they wish their assets to be distributed after their death. Signing a will in Spain offers countless benefits. On one hand, it prevents heirs from having to guess the wishes of the deceased, thereby reducing the risk of disputes. Moreover, it significantly simplifies the procedures, as heirs will only need to consult the last will executed in the General Registry of Last Wills of Spain.
When the deceased did not grant a will, it is necessary to initiate a process known as “declaration of heirs.” This procedure must be carried out before a Notary Public and aims to address the lack of a will and identify who the heirs are. This makes the succession process more expensive and time-consuming, as a series of documents must be provided to the notary before confirming who the deceased’s heirs are.
The Durable Power of Attorney: Maintaining Autonomy in Life. Preparing for the Future.
A durable power of attorney is a public document signed before a Notary, in which you designate a trusted person to manage your assets. This power only takes effect when you are unable to make decisions due to health problems: dementia, Alzheimer’s, having suffered a stroke, etc. As long as you maintain the mental capacity to make your own decisions, you will control all your affairs. However, when this is no longer the case, your trusted individuals will handle your assets according to your wishes or needs.
Without a durable power of attorney, if you suffer a sudden and incapacitated illness, your closest relatives may face daily problems. Managing banking transactions, administering your real estate, making medical decisions, etc. In these cases, there is no other option but to start a court process to appoint a “guardian” from among your family members. This process can be complex and emotionally draining for your relatives. Furthermore, these processes are generally quite slow, which can increase the anxiety of your family during difficult times. The costs associated with the judicial process can also be considerable, generating additional expenses that could have been avoided with proper planning.
Not having a durable power of attorney not only complicates the management of your well-being but also burdens your loved ones with responsibilities and costs that could have been anticipated and avoided.
Conclusions: Secure Your Future with the Right Legal Advice.
Creating a will and durable power of attorney is a straightforward solution that prevents complicated situations that may arise in the future. If you want the peace of mind that comes from anticipating all possible scenarios, at White-Baos Lawyer can assist you. Don’t hesitate to contact us.
The information provided in this article is not intended to be legal advice, but merely conveys information relating to legal issues.
Carlos Baos (Lawyer)
White & Baos.
Tel: +34 966 426 185
E-mail: info@white-baos.com
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